What is an Auction Pack?

So, you’ve decided to buy or sell a property at auction! When you choose the Modern Method of Auction (MMoA), Auction Packs are key. But what does the Auction Pack include and why is it so important?

Whether you’re a buyer or a seller, it’s vital to know what you need, and we’ve put together a short guide, so you have everything you need to know about your Auction Packs.

When selling a property through MMoA, an Auction Pack is needed to provide potential buyers with crucial bits of information about the property. If you’re selling, you need to have the right information ready before your property can go to auction – and likewise, if you’re buying, you need to carry out your due diligence before proceeding to place a bid – so it’s important to know what legal documents are needed from both sides at the outset.

If you’re a buyer

If you’re already in the process of buying, you’re likely to have already started your property search through auction, we would also recommend viewing any property you are considering. You can book your viewing through the Estate Agent and afterwards our team will be in touch to discuss your feedback and potential interest in bidding.

This is the point where the Buyer Information Pack will come into play to help you. Every property sold via MMoA has a Buyer Information Pack. A Buyers Information Pack provides potential buyers with the information to make an informed decision about purchasing a property. It typically consists of Title Documents, Local Authority Search, Water and Drainage Search and the Energy Performance Certificate (EPC). You should always read this information carefully before placing any bids and it’s also advised to review the pack with your Solicitor. To download the pack, you need to register online or by speaking with one of our Auction Specialists.

Once the property is sold, the pack is forwarded to the acting Solicitors for use in the Conveyancing process. If you are the successful bidder, you are required to pay £300 including VAT for the preparation of the Buyer Information Pack (where provided by iamsold).

If you’re a seller

As a seller through the Modern Method of Auction, once you have agreed to a Reserve Price and Starting Bid, then the team will prepare an Auction Pack, providing property information to potential buyers and includes legal documentation required to sell a property at auction.

These packs typically include:

• Title Plan and Register or Epitome of Property
• Property Information Questionnaire
• Water and Drainage Search
• Reservation Form or Contract
• General Terms and Conditions
• Fixture and Fittings Form
• Any special conditions of sale
• Local Authority Search

Your property will then go into pre-auction marketing, where it will be advertised whilst the Auction Pack is being prepared to generate as much exposure, interest and as many viewings as possible. Once the Auction Pack is completed, the property can go to auction and bidding can begin.

Should you need it, iamsold is able to provide an Auction Pack for you with their legal partners Medway Law, all you need to do is talk to your Auction Specialist for up-to-date pricing information or alternatively, pricing can be found detailed in your Auction Contract. You can provide your own Auction Pack if you prefer, we will just need to receive an electronic copy of the documents before we are able to sell your property.

Medway Law are a legal firm specialising in Auction Packs and Conveyancing and has worked with iamsold for over five years to provide customers with everything they need to sell at auction. They are quick and efficient; the experienced team deliver the pack speedily – usually aiming to get it to you within 14-21 days – and get your property ready to sell as quickly as possible. And potentially the most important factor, the legal experts will offer guidance and highlight any issues which may hold up the progress of the sale later and provide advice on how any issues may be resolved.

If your property is a Leasehold, you may also need to provide a Management Pack which can be requested from your freeholder or Managing Agent. A Management Pack provides important information regarding a Leasehold property. The pack is obtained from the freeholder or their Managing Agent and will contain information on the management of the Freehold, such as ground rent, service charges, buildings insurance and other relevant information to ensure the buyer is aware of their responsibilities, should they proceed with the transaction and buy the Leasehold property. It will also contain the information required by the buyer to transfer ownership.

So what’s next?

It doesn’t matter if you’re buying or selling, the Auction Packs involved with the Modern Method of Auction are a vital step in making sure that the process is done efficiently and quickly. So, if you’ve started your journey with the MMoA, and you’re looking for any other information, talk to your Auction Specialist – they will be able to offer you guidance and information specific to your property.